Ether (ETH) has dropped 6% in the past 24 hours, falling from a high of $2,425 on September 15 to $2,260 on September 16. This decline brings ETH back to levels not seen since January, following previous drops below $2,200 in early August and September. The broader crypto market has also retreated 4.5%, with total capitalization sinking to $2.12 trillion.

Recent “FUD” and negative sentiment on social media have contributed to the drop, with analysts and observers criticizing ETH. The ETH/BTC ratio is at its lowest since April 2021, hitting 0.038 on September 16.

This slump coincides with a busy week for the US, as the Federal Reserve is set to announce a rate cut on September 18. Predictions suggest a 41% chance of a 25 basis point cut and a 59% chance of a 50 basis point cut. Additionally, news of former President Trump surviving an assassination attempt on September 15 has not visibly impacted ETH markets, though crypto prices surged after a similar incident in July.